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Spot Refined Soy Oil Steady/Down On Weak Sentiment

6 Jan 2017 3:04 pm
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MUMBAI (Commoditiescontrol) – Refined soy oil traded steady to down in most of the spot markets of the country on Friday.

U.S soy oil futures dropped 0.51 percent during Asian hours, which has weighed on domestic market sentiments. Further crude palm oil benchmark month on Bursa Malaysia Derivatives edged lower by 0.8 percent in late Asian trade prompted buyers to stay sideline.

A trader from Indore said, demand for refined soy oil has reduced from stockist following volatility in futures market.

Market participants were silent as weather condition and crop status is not clear from Argentina.

Other hand end consumers demand is hand-to-mouth as they have stocked in sufficient quantity for their near term demand.

According to trader, apart from volality in futures market, soy oil prices were also pressured by narrowing price gap with other veg oil in the complex, due to which demand is equally divided.

Currently price gap between soy and sunflower oil is $27 per tonnes in FOB terms as on January 6 against $57 on December 1.

While price gap with rival palm oil has also narrowed to $57. Generally price gap should be around $80-90 per tonne as palm demand shifts to soy during winter.

According to trader, only factor supporting to soy oil is low stocks at various ports of the country which totalled 1.30 lakh tonnes as on 26-December against 1.63 lakh tonnes during same period last year.

Refined soy oil most active January contract on NCDEX was lower 0.38 percent or Rs 2.8 at Rs 725.6/10kg against previous close of Rs 728.4 while forward February contract was down 0.29 percent at Rs 715.2 against Rs 717.3 on previous session.

Following are soy oil prices (Rs/10kg) in various markets of India at 1:30 pm(IST).

Soy oil 6-Jan-17 5-Jan-17 Change
Mumbai 715 715 -
Indore 738 737 1
*Akola 755 757 -2
*Alwar 750 750 -
*Amravati 756 758 -2
*Bharatpur 750 750 -
*Kota 745 745 -
*Bundi 745 745 -
Kolkata 728 725 3
*Jalna 760 765 -5
Kandla 725 725 -
*Dhulia 756 757 -1
*Latur 747 747 -
*Nagpur 760 762 -2
*Nanded 747 747 -
Rajkot 725 725 -
*Solapur 747 747 -

(By Commoditiescontrol Bureau; +91-22-40015516)

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